Societe Generale strengthens its leadership in Africa and accelerates its growth

During a press visit to Abidjan, Societe Generale provided details of its strategy in Africa, which aims to speed up the Group’s growth on the continent as described in the Group strategic plan for the period until the end of 2016.

The development plan draws on the region's strong potential for growth and for banking penetration, and on major commercial and operational synergies between the Group's core businesses.

Strong historical presence and a continent-wide network

Present on the continent for over 100 years, the Group has developed a deep local expertise and a solid experience in supporting its business and personal clients. With this historical presence and geographic network, Societe Generale is one of the Top 3 international banks in Africa today. The bank is very strongly positioned: No. 1 bank in Ivory Coast and Cameroon, No. 1 privately-owned bank in Algeria and No. 2 bank in Guinea and Senegal. More than half of Societe Generale's subsidiaries have a market share of more than 10%. This increases to more than 20% in Cameroon, Guinea, Senegal and Côte d'Ivoire.

"Africa offers a lot of growth opportunities and we aim to speed up our development in the years to come by leveraging on the strengths of our universal banking model, while also taking advantage of synergies to serve our business and individual customers and help them meet their goals on the continent."

Bernardo Sanchez InceraDeputy Chief Executive Officer

 

Societe Generale generated NBI of €1.1 billion in 2014 and aims to accelerate its revenue growth to approximately 7% per year by 2016. To achieve this target, the bank will allocate nearly €4 billion of additional assets (RWA) to Africa over the period 2014-2016.

Find out more about Societe Generale's strategy in Africa
Societe Generale speeds up its growth in Africa with an acquisition in Mozambique

Strengthening the Group’s leadership to serve its clients

Loans to businesses have increased significantly since 2006, rising by 115% in the Mediterranean basin and by 56% in Sub-Saharan Africa.  Societe Generale intends to maintain this momentum by enhancing its range of products and services for the corporate market.

"We have built a solid, dynamic and efficient franchise and managed our risks well. This profitable, controlled growth strategy means our support for our clients meets the highest international standards. By following this trajectory, Societe Generale intends to strengthen its leadership and establish itself in Africa as the bank of reference for its clients and employees."

Alexandre MaymatHead of the Africa/Asia/Mediterranean Basin and Overseas region, International Banking and Financial Services

 

Drawing on its historical positioning as a partner for businesses, Societe Generale is progressively enhancing its range of universal banking services in Africa. This already goes beyond traditional bank deposit and lending services and encompasses activities requiring international expertise, such as domestic and international cash management, factoring, leasing and structured financing, as well as market financing and hedging solutions, with teams based in Africa and Paris dedicated to African clients.

HPS: support over the long-term

Created less than 20 years ago in Casablanca, HPS has become a global leader in payment solutions. Societe Generale Morocco has supported it from the very beginning as both its first bank and its first client. The Bank worked with HPS for its IPO on the Casablanca Stock Exchange in 2006, as a member of a syndicate of underwriters tasked with selling securities to investors. HPS took 30% of its shares public and achieved a memorable success, with demand 29 times higher than supply. Societe Generale Maroc also accompanies HPS in its day-to-day business through operational financing suited to its needs and its order book: bid bonds, overdraft facilities and more.

Read the testimony by Mohamed Horani, HPS group's President and founder

Synergy at the heart of our African strategy

One of Societe Generale's major growth pillars in Africa is reinforced collaboration by the Group's African subsidiaries.

READ OUR FEATURE

A historic commitment in Africa

Societe Generale’s presence in Africa is defined by support for the independence process and an ongoing search for partnerships. Retrace key dates in the Group’s history in Africa, with its local presence, innovations and stories—in images!

SEE THE INFOGRAPHIC